Issue 3 - Setting Up Your Coaching Business

Welcome back! Last time I talked about what skills you need to become a business coach. Now, let’s walk you through the actual exciting part… setting up your coaching business.?

A lot of people don’t realise how much goes into starting a coaching business. They think it's just giving advice and making schedules. But really, it’s a lot of detailed planning and crafting a personal brand that convinces people why they need business coaching.

When I first started Brainiact in 2021, I had no capital, no customers, no experience as a business coach, and no network of small business owners.

What I did have was a relentless work ethic and a genuine care for other people’s success. Believe me, with that mindset, you’re halfway there. But the other half? That’s all about planning.

Every great coach needs a game plan - even business coaches. For me, it took around eight months to plan my whole business. Start with a business plan that focuses on your business model, target market, and revenue goals.?

Business model: How will you charge for your wisdom? Hourly, per package, or a retainer?

Target market: Who needs your expertise the most? Identify your ideal clients.

Revenue goals: Set clear financial goals. How soon do you want to hit your first big milestone?

?Take your time to really sit down and think this through.

I know, I know, legal stuff can be a bit dry, but getting it right from the start can save you a lot of headaches in the future.?

Start by deciding your legal structure. Would you prefer running as a sole trader, partnership, or company? Each will have different effects on your taxes and personal liability.

Then, get yourself covered with relevant insurances. It is best to speak to your local insurance broker about what insurances you require. It's a safety net for when you’re dealing with clients.

Finally, draft clear coaching agreements that outline the scope of work, payment terms, and confidentiality clauses, among other things.??

I’d strongly recommend chatting with a legal expert to smooth out these details.

With my business, I always emphasise how great business coaching is for its flexibility. A coach can work from anywhere and everywhere.?

With that being said, you still need to have a proper, professional and productive setup.??

If you want a physical office, make sure it’s in a convenient location for your clients and fits your budget.

If you prefer a virtual office, invest in reliable technology. You’ll want high-speed internet, a professional website with a custom domain, and a professional backdrop for those video calls.

Now you’ve got the basics down for setting up your own coaching business. Why not sketch out a starting business plan or a simple checklist today?

And remember, while it’s great to have a plan, sometimes bringing it to life is the real challenge. If you hit a snag, don’t hesitate to reach out.?

In the next newsletter, we'll discuss all the strategies you need to effectively market your new coaching business. Stay tuned...